The 2022 Federal Budget focused largely on supporting low and middle income earners, social security recipients and those looking to buy a home.
Summary of key proposals:
- The 50% reduction in the minimum drawdown for super pensions will be extended to 2022/23.
- This year’s Low and Middle Income Tax Offset will increase by $420.
- Age pensioners and other social security recipients, Commonwealth Seniors Health Card and Pensioner Concession Card Holders will receive a $250 payment in April 2022.
- The fuel excise will drop by 22.1 cents a litre for 6 months.
Note: These measures are proposals only and may or may not become law.